Gasgoo.com (Shanghai October 26) - Zhejiang Youngman Automobile and Pangda Automobile Trade have been scattering for a response to the announcement made by Saab's parent company Swedish Automobile that it was terminating the two Chinese companies' buyout of the Swedish manufacturer, the Beijing Times reported today. Yesterday, Youngman said that it was still willing to continue to explore other methods to aid Saab, while Pangda said that they were still upholding their previous agreement signed with Swedish Automobile. Both sides also stated that they had not done anything to violate the agreement.

Youngman expressed "deep regret" at learning that Swedish Automobile had unilaterally terminated their agreement, adding that the document was legally binding. Youngman stated that they were still upholding the agreement and would continue to make investments according to the agreed timeline. According to Youngman, they had stated their desire to help Saab on several occasions, and would explore other methods to provide short-term and long-term financial aid to the manufacturer.

Meanwhile, Pangda said yesterday that prior to any new agreement, the previous document would possess legal precedence, and stated that they would continue to communicate with Swedish Automobile.

According to the agreement, Pangda and Youngman had agreed to invest 245 million euros to buy at least 53.9 percent of Swedish Automobile.

Source:gasgoo.